Service tax refund to exporters via ICES now available electronically; register bank and tax code and opt in the shipping bill.
Electronic service tax refunds are available to exporters via ICES on the basis of a notified schedule of rates as an alternative to document based claims. Exporters must register a bank account and central excise/service tax code with Customs using Annexure A and declare their electronic refund option and the applicable chapter/subheading in the electronic shipping bill; ICES will calculate refunds as a percentage of FOB value. Amendments via ICES/ICEGATE are permitted, refunds are disbursed through authorized banks or NEFT/RTGS, and existing drawback bank registrations may be reused subject to registration of the tax code.

Interest rate futures on 2 and 5 year notional GoI securities allowed; cash settled with polling settlement, VaR margins, and position limits.
SEBI permits cash settled futures on 2 and 5 year notional coupon GoI securities with standardized contracts (Rs.2 lakh, quoted like underlying, up to 12 month tenor, initial three serial months). Settlement uses FIMMDA polling of selected primary dealers to derive an average settlement yield from a disclosed basket (eligible maturities 1.5-2.5 years for 2 year and 4.5-5.5 years for 5 year contracts) with outlier removal; exchanges must publish basket composition and theoretical price models. Risk management requires 99% one day VaR based initial margins subject to minimum percentages, specified extreme loss and calendar spread margins, exponential moving average volatility ( =0.94), and client/trading member position limits.

Hedging facilities for INR denominated ECBs permitted with authorised dealer banks to manage currency risk.
Non-resident holders of INR denominated ECBs may obtain hedging facilities with Authorised Dealer Category I banks using forwards, options and swaps. Customers must furnish pre deal documentation evidencing the underlying ECB, undertake that the exposure is not hedged elsewhere and that cancelled underlying exposures will trigger hedge cancellation. Hedge amount and tenor must not exceed the underlying transaction; settlement occurs via Nostro/Vostro accounts and funds are released only after sighting credits. Contracts cannot be rebooked after cancellation but may be rolled over before maturity; gains on cancellation may be passed to customers subject to a non rebooking declaration.

Customs area transfer permissions require Commissioner consent; major ports need either prior government approval or face regulatory action.
CCSPs must obtain written permission from the Commissioner before leasing, transferring, or outsourcing premises or functions within a customs area; major ports, though exempt from applying for custodian approval, remain bound by these obligations. If a major port already has Central Government or ministerial approval for lease or transfer, the Commissioner may grant the regulatory permission; absent such higher-level approval, action under the cargo-handling regulations and the Customs Act should be initiated.

Extension of filing deadline for half yearly service tax returns granted due to electronic filing difficulties.
An administrative order extends the due date for submission of half yearly service tax returns for the April-September 2011 period, invoking powers under the Service Tax Rules read with the enabling notification, and cites electronic filing problems as the reason; the extension is communicated to central excise and service tax field and systems officers for implementation.

Extension of time for DVAT 51 and original central declaration forms until 31 March 2012 for Q1 and Q2 2011 12.
The Commissioner extends the time for furnishing Form DVAT 51 reconciliation return and the original portions of Central Declaration Forms 'C', 'E I'/'E II', 'F', 'I', 'J' and 'H' up to 31 March 2012 for the 1st and 2nd quarters of 2011-12, under the cited provisions of the Delhi VAT Rules and Central Sales Tax Rules. The order further directs that no further extensions will be considered and requires all concerned to ensure filing within the extended period.

Registration of cotton export contracts: revalidation, limited reissuance and penalties applied for shortfalls beyond permitted tolerance.
Clarification requires registration of cotton and cotton yarn export contracts with DGFT and prescribes that RCs must be revalidated or may be cancelled under specified conditions; a -5% weight tolerance applies and surrenders or shortfalls beyond that tolerance are regularized by an administrative penalty plus a percentage of FOB shortfall. Changes to buyer details and amendments to quantity are permitted if exports complete within RC validity; one-time short revalidation is allowed. Fulfillment is only recognized when customs handover and Let Export Order are effected within RC validity; inconsistent consignee arrangements may attract penalties.

Deemed export benefits barred where imported capital goods are supplied as such to project authorities, no drawback refund permitted.
Deemed export benefits are inapplicable when imported capital goods are supplied as such to project authorities; goods qualify as deemed exports only when manufactured in India. If contractors or subcontractors import capital goods and supply them as imported items to project authorities, customs duties paid on those imports cannot be refunded as deemed export duty drawback under the Foreign Trade Policy. Regional Authorities should apply this clarification when processing deemed export claims.

Import of dyes limits within licence CIF value adjusted; specialty textile products permitted higher proportion under amended note.
The amendment to General Note No.5 modifies permitted import composition for dyes and chemicals within the licence CIF value by fixing ceilings expressed as percentages of FOB value within overall CIF, including a specific higher ceiling for specialty textile products such as fire retardant and water, oil and stain repellant textiles.

E voting certification requirement: e voting platforms must obtain STQC certification while video conferencing remains optional.
Video conferencing for shareholder meetings remains optional for listed companies; e voting platform providers must obtain certification from the Standardization Testing and Quality Certification Directorate, and the Ministry will not authorize agencies to provide video conferencing facilities.

Line of Credit enables export financing with Indian content, specified disbursement timelines and FEMA compliance.
Exim Bank's Line of Credit to the Democratic Republic of Congo finances the Ketende Hydro electric Project with eligible exports from India; at least 75% of contract value must be supplied from India while up to 25% of non consultancy goods may be sourced abroad. The Credit Agreement is effective from October 20, 2011, with LC/disbursement cut offs of 48 months from project completion for project exports and 72 months from execution for supply contracts. Shipments must be declared on GR/SDF forms; no agency commission under the LOC, though exporters may pay from own resources or EEFC balances in compliance with remittance rules. Directions issued under FEMA.

Line of credit enabling export finance with specified Indian sourcing and documentation requirements under foreign exchange directions.
Exim Bank's Line of Credit finances eligible Indian exports for a Maldives housing project, requiring at least 75 per cent of contract value to be supplied from India and permitting up to 25 per cent non consultancy procurement abroad; shipments must be declared on GR/SDF forms, no agency commission is payable under the LOC (exporters may use own funds or EEFC balances for commission subject to AD Category I compliance), and timelines for L/C opening and disbursement vary by contract type under RBI directions issued under the Foreign Exchange Management Act.

Prohibition on payment of incentives bars distribution-connected parties from offering incentives in public debt issues.
Persons connected with the issue, including distributors, are prohibited from offering any incentive, direct or indirect, in cash, kind, services or otherwise to any person for making an application for allotment of specified debt securities; legitimate fees or commission for services rendered in relation to the issue are exempt. Recognized stock exchanges must notify and disseminate the prohibition to their members, the measure being issued under the regulator's market-protection and debt-issuance regulatory powers to protect investor interests and curb issuance cost distortions.

In-Person Verification mandatory across intermediaries; one intermediary's IPV may be relied upon by another for KYC compliance.
Intermediaries must complete initial KYC, upload client KYC data and send supporting documents to a KRA within ten working days, maintain electronic records, ensure no duplication when uploading existing-client data conforming to the uniform KYC form, and implement internal controls for data security. KRAs must provide data/images to intermediaries, confirm receipt to clients within ten working days, prevent duplicate client entries through coordinated systems, maintain an audit trail of KYC transactions, and conduct annual independent audits with action taken reports to their board and to SEBI. IPV is mandatory, recorded on the KYC form, and may be relied upon across intermediaries.

Bar-coding requirement deferred for pharmaceutical export packaging, with secondary and primary packaging compliance start dates postponed.
The Directorate announces deferment of mandated bar-coding for export consignments of pharmaceuticals: the trace-and-track bar-coding requirement for secondary-level packaging is postponed to a later mid-year commencement and the requirement for primary-level packaging is postponed to a subsequent start in the following year, amending earlier public notices and extending compliance time under the Foreign Trade Policy.

KYC and AML compliance updated: passport copies accepted as ID and address proof for foreign tourists under PMLA obligations.
KYC, AML and CFT obligations for Authorised Persons in money changing are amended to allow acceptance of a foreign tourist's passport copy as both identity and address proof, and retention of a visa copy stamped by Indian immigration; other existing KYC instructions continue to apply and non compliance attracts prescribed penalties under the foreign exchange regulatory framework.

On-line transmission of export authorizations now mandatory at Krishnapatnam port; Customs to receive DES and EPCG messages.
Krishnapatnam Port (INKRI1) is added to Customs ports for on-line transmission; from 23 December 2011 all DES (Advance Authorization and DFIA) and EPCG authorizations issued on or after that date by Regional Authorities must be communicated to Customs through on-line message exchange/EDI.

Corrigendum: Export description corrected to Metamitron Technical (98%Min.) in the DEPB Rate Schedule.
Corrigendum under Paragraph 2.4 of the Foreign Trade Policy rectifies the export item description at Sl. No. 1011, Product Code-62 of the DEPB Rate Schedule to read "Metamitron Technical (98%Min.)" in place of the typographical "Metamitrion Tech (98%Min.)", limited solely to spelling correction and not affecting rates or other provisions.

Unaccompanied baggage at Chennai port moves to EDI: file BD, get exam, pay duties, and obtain out of charge for release.
Passengers must file the revised Baggage Declaration at the Service Centre during prescribed hours, pay the processing fee, verify and authorize a computer generated Check List, obtain an Open Chit, present the Check List to the Preventive Officer for passport verification and baggage examination, after which BD details are entered into the EDI and forwarded to the Superintendent. Final BD or TR 6 challan is generated for simple cases for payment at the Customs bank counter; other cases are routed online for assessment. Payment verification by the Superintendent and endorsement of an out of charge completes Customs release prior to CCTL gate pass and delivery.

Dematerialisation requirement enables shifting from trade-for-trade to rolling settlement when non-promoter holdings are substantially dematerialised.
SEBI directs stock exchanges to consider shifting securities with connectivity to both depositories from Trade for Trade Settlement to Rolling Settlement only if at least 50% of holdings other than promoters are dematerialised, evidenced by a certificate from the RTA or, where no RTA exists, from a practicing company secretary or chartered accountant, and provided no other reasons justify continuation of TFTS; exchanges must report actions taken to SEBI in their Monthly/Quarterly Development Reports.